Summer Teachers Salaries    7011-01  ZZsch

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                           TO:  Interested Schools                                                                                        FROM: Jim Bramer, Retired CPA-Auditor
                                                                                                                                                                FILE:  7011-01/Sch

                           RE:  Summer Teachers Salaries                                                                         Originated:  April 2000


    We have discovered that many Christian Schools arrange for their teachers to work for a School year of some 9 months but be paid over a 12 month period of time.
    For a School with a June 30th fiscal year end, this means that the Tuition Income as earned now is applied to such expenses actually being paid out in the next fiscal year.
    Therefore, these Accrued Salaries should be recorded as a monthly budgeted expense as incurred for this fiscal year and appear on the books as an "Accrued Salaries Payable" at June 30 year end , awaiting actual payment after July 1 which is charged to this payable account.
    Please click here and locate examples of how this appears within QB Sample financial statements. 


       Please Click Here for a list of more Christian School resources on www.bcidot.org.  The bulk of this Publication originated in April 2000 and was   UPTD: March 09, 2012

ABOUT  US   |  OUR PURPOSE   |  TABLE OF CONTENTS   |  SEARCH  MATTERS  |  HELP DETAILS   |  FUND ACCTG VIA COMPUTERS   |  GLOSSARY